Altus Afb, Jackson County, Oklahoma Property Taxes
The median property tax rate in Altus AFB, OK is 0.93%, slightly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $44,659 in Altus AFB, the typical annual property tax bill amounts to $408, significantly below the national median of $2,690. Property taxes in Altus AFB are calculated based on the assessed value, which often falls below market value due to exemptions like the primary residence and agricultural exemptions. Understanding the property tax system in Altus AFB, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Altus AFB or another part of Jackson County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Altus Afb, Jackson County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$415
$385
Ownwell’s Altus AFB Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Altus AFB with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Altus AFB to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Altus Afb, Jackson County, Oklahoma
Property taxes in Altus AFB, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Altus AFB is 0.93%, which is slightly below the U.S. national median of 0.99%. Local government entities within Altus AFB set these rates annually, and they can vary significantly across different neighborhoods. Each year, Altus AFB estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Altus AFB's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 73523 has both the highest and lowest median property tax rate of 0.93%. Understanding how these cities compare with Altus AFB provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Altus Afb Tax Rate
0.93%
Average Jackson County Tax Rate
0.91%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Altus Afb, Jackson County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73523 | 0.58% | 0.74% | 0.93% | 1.03% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Altus Afb, Jackson County, Oklahoma
In Altus AFB, Oklahoma, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Jackson County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Altus AFB, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. The zip code 73523 has both the highest and lowest median tax bill at $408. Being aware of these valuation processes in Altus AFB helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Altus Afb, Jackson County, Oklahoma
Source: Ownwell
$27,210
$53,821
$80,431
Average Altus Afb Assessed Value
$44,659
Average Jackson County Assessed Value
$62,313
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Altus Afb, Jackson County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73523 | $23,633 | $30,932 | $44,659 | $128,804 | $164,304 |
Source: Ownwell
Property Tax Bills Across Altus Afb, Jackson County, Oklahoma
In Altus AFB, located in Jackson County, OK, property tax bills are calculated based on the assessed value of the property. The assessed value is a percentage of the property's market value, determined by the county assessor. This assessed value is then multiplied by the local tax rate to arrive at the annual tax bill. The median home price in Altus AFB is $44,659, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is around $250, while the 75th percentile tax bill is approximately $969. At the higher end, the 90th percentile tax bill reaches $1,492. The highest median tax bill in the area is $408, which is relatively low compared to the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting homeowners by contributing to the overall quality of life in the community.
Average Altus Afb Tax Bill
$408
Average Jackson County Tax Bill
$496
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Altus Afb, Jackson County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73523 | $230 | $250 | $408 | $969 | $1,492 |
Source: Ownwell